EUR/USD today: the pair is in the correction phase
At the trades on Friday, the pair EUR/USD showed significant volatility, which was caused by the publication of mixed data on employment in the US. An additional factor of strengthening for the American was the positive statistics on business activity in the non-manufacturing sector of the USA.
Events for today:
- 11:00 – publication of data on business activity in the euro area.
- 17:00 – announcement of the index of business activity in Canada by Ivey.
The economic calendar is empty today and the market will mainly be focused on the development of published data and expectations.
After the Friday’s decline, the pair EUR/USD consolidated below the significant support levels, but remains in the oversold zone, which may cause the correction. Since the probability of a rate increase in December remains at a high level, one should expect the completion of these expectations, which will be limited to support: 1.1570 and 1.1550. Resistance is at: 1.1620 and 1.1640.
Recommended for reading: https://esterholdings.com/en/category/mneniya-ekspertov/ and https://esterholdings.com/en/category/tehnicheskij-analiz/.
Hanzenko Anton